Industrial Development Fund JSC, a subsidiary of the National Managing Holding "Baiterek," consistently provides financial support to domestic manufacturers. On a systematic and annual basis, the Fund facilitates the creation of new enterprises and the comprehensive modernization of existing production facilities in Kazakhstan's manufacturing and infrastructure sectors. The performance indicators of this development financial institution demonstrate steady growth, encompassing a wide range of state support measures — from the supply of high-tech equipment for Kazakhstani enterprises to new public transportation used daily by hundreds of thousands of citizens.
The core principle of Industrial Development Fund JSC’s corporate policy is the social orientation of projects, which deliver a multiplier and long-term effect on the country’s economy and the well-being of Kazakhstani citizens. This is reflected in the creation of new jobs, improved working conditions, and the use of environmentally friendly public buses.
The Fund is the operator of the Concept for the Development of Kazakhstan’s Manufacturing Industry for 2023–2029, offering financing at interest rates ranging from 3% to 9%, including a special 3% rate for light industry projects.
According to Rinat Gapparov, Chairman of the Board of Industrial Development Fund JSC, the Fund provided financial support to over 200 domestic enterprises in 2024:
“Since the beginning of 2024, the Fund has attracted investments exceeding 650 billion tenge into Kazakhstan's economy. These funds have financed 220 projects in the manufacturing and infrastructure sectors of the republic. Additionally, the Fund plans to commission 24 manufacturing projects in 2024, with an estimated value of around 224 billion tenge, creating and preserving over 4,600 jobs. The Fund's portfolio has reached 1.8 trillion tenge, with the majority allocated to small and medium-sized business projects,” said Rinat Gapparov.
The Fund focuses on supporting Kazakhstani manufacturers with genuine needs for assistance. Its pool of lessees includes domestic producers of clothing, household appliances, building materials, food products, and other goods that promote the development of Kazakhstani brands and contribute to progressive import substitution.
In line with President Kassym-Jomart Tokayev’s address, "Just Kazakhstan: Law and Order, Economic Growth, Public Optimism," which emphasizes developing aerohubs and the aviation fleet, Industrial Development Fund JSC plans to finance small aviation projects for fleet renewal in 2025.
“The Industrial Development Fund has already been working in this direction. This year, with financial support from the Fund, four small aircraft were purchased for the Ministry of Emergency Situations. To develop the country's transport and logistics potential, in 2024, the Fund facilitated the purchase of 157 passenger cars, 2,000 freight cars, and an electric train. Firefighting services and law enforcement agencies received 678 specialized vehicles, while medical institutions were provided with 250 ambulances. Additionally, 1,059 public transport buses were updated,” reported Rinat Gapparov.
Starting in 2024, as part of Kazakhstan's transition to a "green economy," the Industrial Development Fund, in collaboration with the Ministry of Ecology and Natural Resources and Zhasyl Damu JSC, launched a program for sorting, recycling, and disposing of solid household waste to strengthen environmental balance.
The fundamental priority of Industrial Development Fund JSC is ensuring publicity and maximum transparency in all activities aimed at providing systemic support to the country’s industrial and manufacturing sectors.
To optimize business processes and reduce application processing times, the Fund has developed and implemented the "Personal Account" system for submitting applications and contracts online. This procedure simplifies the application process and shortens processing times, as personal presence is not required, and applications are signed with an electronic digital signature (EDS) key.
To better reach potential applicants, permanent representatives of Industrial Development Fund JSC have been deployed in Atyrau, Shymkent, Pavlodar, Kostanay, and Aktau. They provide comprehensive support in forming the necessary documentation packages for consideration by financial institutions.
For Reference: On October 2, 2024, the international rating agency Sustainable Fitch assigned an ESG rating of "2" with an overall score of 63 to the Industrial Development Fund. This is one of the highest ratings among quasi-government sector organizations. Additionally, this year, the international agency Moody's upgraded the Fund's credit rating from "Ba1" to "Baa3" with a "positive" outlook. These high ratings are attributed to the progressive environmental and social policies intentionally implemented by Industrial Development Fund JSC.
